10-Q · April 24, 2026
Nasdaq reported strong Q1 2026 results with revenues less transaction-based expenses of $1,407 million, up 13.8% year-over-year, and operating income of $657 million, up 20.1%. GAAP diluted EPS was $0.91 and non-GAAP…
Earnings analysis · 10-Q
NDAQ earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Nasdaq delivered Q3 net revenue of $1.481 billion and non-GAAP diluted EPS of $1.04, beating consensus estimates of $1.464 billion and $1.02, respectively. Growth was led by $1.172 billion of Solutions revenue, 16%…
Read full summary
Nasdaq delivered Q3 net revenue of $1.481 billion and non-GAAP diluted EPS of $1.04, beating consensus estimates of $1.464 billion and $1.02, respectively. Growth was led by $1.172 billion of Solutions revenue, 16% Financial Technology growth and 39% Index growth. The company raised 2026 non-GAAP operating-expense guidance to $2.550 billion-$2.580 billion, creating some margin-risk offset to the strong growth profile; no numeric revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.04
- Segment
- Solutions revenue: $1.172 billion in Q3 2026.
- Segment
- Financial Technology revenue grew 16% year over year.
- Segment
- Index revenue grew 39% year over year.
What stood out
-
Revenue beat consensus
Q3 net revenue was $1.481 billion, exceeding the $1.464 billion consensus estimate by $17 million, or approximately 1.2%.
-
EPS exceeded estimates
Non-GAAP diluted EPS was $1.04, $0.02 above the $1.02 consensus estimate, representing an approximately 2.0% beat.
-
Solutions led revenue
Solutions generated $1.172 billion of revenue, making it the primary contributor to reported revenue growth.
-
Financial Technology grew 16%
Financial Technology revenue increased 16% year over year, indicating continued momentum in the recurring and technology-related business.
-
Index revenue grew 39%
Index revenue increased 39% year over year, providing a significant growth contribution during the quarter.
-
Share repurchases continued
The company repurchased 3,567,940 shares during Q3 at an average price of $90.47, while $2.206 billion remained authorized under the repurchase program at September 30, 2026.
What to watch
-
Operating-cost guidance increased
2026 non-GAAP operating-expense guidance increased to $2.550 billion-$2.580 billion from $2.530 billion-$2.570 billion, implying a higher cost outlook and potential pressure on operating leverage.
-
Swedish krona concentration
A hypothetical 10% adverse Swedish krona fluctuation would reduce operating income by $305 million based on $3.053 billion of Swedish-krona net assets; the balance includes $2.290 billion of goodwill and $459 million of intangible assets.
-
Variable-rate commercial paper exposure
The company had $269 million outstanding under its commercial paper program at September 30, 2026. Although management states that a 100-basis-point rate increase would not materially affect the financial statements, the borrowings carry variable interest rates.
-
Foreign-exchange sensitivity
A 10% adverse currency fluctuation would reduce nine-month operating income by $20 million for the euro, $3 million for the Swedish krona, $11 million for the Canadian dollar and $15 million for other foreign currencies, considered individually.
-
Clearing and counterparty risk
Nasdaq Execution Services is liable for losses if a counterparty or clearing agent fails to meet contractual obligations, while adverse security-price movements can increase credit exposure; the filing states that historical customer-counterparty liabilities have been $0.
-
Planned CEO share sales
Adena Friedman adopted a Rule 10b5-1 plan to sell up to 100,000 shares during 2027, with sales potentially beginning January 4, 2027; the filing says her ownership will remain significant if all planned sales occur.
Management's outlook
The company raised 2026 non-GAAP operating-expense guidance to $2.550 billion-$2.580 billion from $2.530 billion-$2.570 billion. The 2026 non-GAAP tax-rate outlook was maintained at 22.5%-24.5%; no quantitative revenue or EPS guidance was provided.
Earlier filings 4
10-K · February 12, 2026
Nasdaq’s 2025 10-K reiterates its strategy to transform from an exchange operator into a technology platform (’One Nasdaq’), building scale in listings, indices, data and fintech (notably Verafin and Adenza). The filing…
10-K · February 21, 2025
Nasdaq’s 2024 10‑K emphasizes its strategy to expand non‑trading technology and data businesses (Capital Access Platforms, Financial Technology, Market Services) and highlights scale in listings, indices and SaaS…
10-Q · October 29, 2024
Nasdaq reported Q3 2024 revenue of $1,902,000,000 (up $451,000,000 vs Q3 2023) with operating income of $448,000,000. Revenue growth was broad-based (Financial Technology and Market Services led), but gross and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.